After doing a lot of research and talking with friend about cryptocurrency, I decided the throw a little bit of money into dogecoin. by a little I mean $100. I know it isn’t a ton, but I’m still not sold on it as an investment vehicle. I currently see it as speculation especially since I bought in a day before Elon Musk dropped the Environment bomb on crypto and I got to ride the wave up with the flood to Doge. And then almost a week later I open robinhood to see a 40% drop in value.
The only reason I finally pulled the trigger was because I started to understand the technology behind crypto (well as much as a non programmer can) and I can see that there is a future use for blockchain. I can’t tell you what it will eventually be used for, but I can see the potential. I’m not investing in Doge from my point of view, I’m investing in the technology behind it. And eventually when the value becomes more stable, it may even be a good hedge against inflation. But for now it is as volatile and unpredictable as a piece of art or a collector car. It is only worth what someone will pay for it. There is an obvious supply, but the demand can be swayed by one influential person and cause the crypto market to fall into chaos. Until the next major company or personality endorses one specific currency.
I am by no means an expert on crypto and have no plans to be one. Maybe part of me has FOMO, but I think curiosity has this cat.